Positive market sentiment returns

Fundamental data

After disappointing movement in markets last week offered fresh positive momentum. More upside might now be on the cards. The positive sentiment is also supported by the Nasdaq index, which is expected to rise further. With that also Bitcoin and Ethereum might follow and leading the way for more gains in the crypto space. A traditional Norwegian mining company stated that they want to add Bitcoin to their strategic treasury. Green Minerals pointed out that USD 1.2 billion will be added. The company is specialized on deep- sea mining.

Technical analysis:

– BTC: Bitcoin is trading at USD 107,300. After the retracement to lower levels, positive sentiment might now be seen. As we mentioned, the rise of the Nasdaq index from the US might now also support fresh upside momentum.

BTCUSD, daily chart

A break of trendline based on the daily chart above would then unleash fresh upside momentum towards the USD 115,000 – 120,000 range. The market is currently trading slightly above levels from earlier this year, as seen on the left side of the chart. This could mean that the area is well supported for now.

– ETH: Ethereum is currently trading at USD 2,433 and has also shown a strong recovery after the recent fall in prices.

ETHUSD, weekly chart

Despite not having broken the 50- moving average, the upside momentum looks solid. The monthly chart reveals, that the forming doji candlestick pattern might now signal more upside momentum ahead. In this case the month of July might be extremely positive for ETH. Only if the market falls back below the USD 2,200 support level the positive trend might fade.

– XRP: XRP is currently trading at USD 2.1815. The token has not been able to move higher but instead continues to trade in a sideways pattern. The two pinbar candles pointing into both directions from the previous months show the current inability to move the market

XRPUSD, monthly chart

Instead, the sideways pattern might continue for now. The new trend might only be seen above or below the respective breakout zones. Until then, traders might be better- off waiting for a clear trend.

– SOL: Solana is currently trading at USD 149.72 and was also able to push higher during last week’s trading. The positive sentiment might also be capped, though, as the market failed to break the 50 -moving average at 150.86. Only a break of this zone will unleash a stronger bounce to the upside.

SOLUSD, weekly chart

Should the market now slide to lower levels the correction to the downside might continue. Most traders continue to focus on BTC and ETH, which is why the positive sentiment for most altcoins remains absent.